SNOWSnowflakeQ1 FY2027财报解读

Strong Revenue Acceleration

Revenue grew 33.5% YoY to $1.39B in Q2 FY2026 (vs. $1.04B in Q2 FY2025), reflecting continued strong demand for Snowflake's cloud data platform and consumption-based model expansion across its customer base.

来源: Source: 10-Q Income Statement

Gross Margin Stability

Gross margin held nearly flat at 66.6% (vs. 66.5% prior year), demonstrating that Snowflake is scaling revenue without meaningful deterioration in unit economics despite significant infrastructure investment.

来源: Source: 10-Q Income Statement

Significant Operating Loss Improvement

Operating loss narrowed by 27.1% YoY to -$326.2M from -$447.3M, driven by revenue outpacing expense growth — R&D grew only 13.2% YoY to $534.9M while revenue grew 33.5%, signaling improving operating leverage.

来源: Source: 10-Q Income Statement

Positive and Growing Operating Cash Flow

Operating cash flow increased 6.5% YoY to $243.2M, indicating the business generates real cash despite GAAP losses, though investing cash outflows surged to -$604.5M (from -$56.0M prior year), likely reflecting increased capital deployment.

来源: Source: 10-Q Cash Flow Statement

Rising Liabilities and Tightening Liquidity

Total liabilities rose 15.2% YoY to $6.61B while current liabilities surged 24.6% to $3.78B, compressing the current ratio to 1.05x — a level that warrants monitoring as current assets declined 16.9% YoY to $3.98B.

来源: Source: 10-Q Balance Sheet

Snowflake reported a net loss of $295.6M in Q2 FY2026, and while losses are narrowing, the company has not achieved GAAP profitability. Continued losses could pressure the stock and limit financial flexibility if market conditions tighten.

来源: Source: 10-Q Income Statement

Current assets fell 16.9% YoY to $3.98B while current liabilities rose 24.6% to $3.78B, leaving a current ratio of just 1.05x. Cash and equivalents also declined 7.1% YoY to $2.08B, indicating tightening near-term liquidity headroom.

来源: Source: 10-Q Balance Sheet

Investing cash flow deteriorated dramatically to -$604.5M from -$56.0M in the prior year period, a nearly 10x increase. This sharp acceleration in capital deployment could reflect acquisitions or infrastructure build-out that may not generate near-term returns.

来源: Source: 10-Q Cash Flow Statement

R&D expenses totaled $534.9M in Q2 FY2026, representing approximately 38.5% of revenue. While growth in R&D (13.2%) is moderating relative to revenue growth (33.5%), the absolute level remains very high and reflects the competitive intensity of the cloud data platform market.

来源: Source: 10-Q Income Statement

Total liabilities increased 15.2% YoY to $6.61B, significantly outpacing total asset growth of 4.9% to $8.55B. This expanding liability base increases financial obligations and could constrain strategic flexibility over time.

来源: Source: 10-Q Balance Sheet